CFPB Protecting Your Mortgage
The Consumer Financial Protection Bureau (CFPB) has written new rules to protect service members and their spouses from losing their home.
The CFPB has an office of Servicemember Affairs, headed by Holly Petraeus, that provides oversight of consumer financial products that target, deceive, or abuse service members or their families. In 2012, the CFPB issued guidance that made it easier for service members to renegotiate their mortgages due to the "hardship" of a Permanent Change of Station (PCS) and provided protections against certain deceptive practices.
New rules include limits on mortgage services who simultaneously work with the service member to overcome financial challenges with their loan and move to foreclose, a practice called "dual tracking." There is also a simplification of application processes for service members who need help, and requirements that mortgage servicers provide case workers to help navigate the system of assistance programs.
The CFPB has worked on facilitating participation for service members in programs that help them overcome the financial challenges and disadvantages that may occur due to a commitment of service. You can read more about the new rules, and find links to many other financial assistance and tools at the CFPB Military Blog.
Until military families are relieved of the weight of war, we hope you will continue to contribute to their wellbeing.
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